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The attitude of politicians from both the major parties has made clear that life/risk advisers will have to fight hard to retain commission-based remuneration beyond the 2021 Life Insurance Framework review.
The Australian Securities and Investments Commission has confirmed closer scrutiny of advice provided via superannuation funds while noting that conflicts of interest in advice delivery are not confined to retail funds.
The Association of Financial Advisers has accused Royal Commissioner, Kenneth Hayne, of a failure to acknowledge the value of advice and a failure to understand the conflicts inherent in intra-fund advice.
A panel of superannuation fund executives and experts has questioned whether AustralianSuper’s offer of frequent flyer points to attract new members should be viewed as providing early access to super benefits and breaches the sole purpose test.
The Conference of Major Superannuation Funds has been told that the insurance inside superannuation code of conduct will become mandatory.
